Time consistency of fiscal and monetary policy: a solution
"This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surpr...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Series: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11088 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | "This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site. |
| Physical Description: | 21 S. |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11088 | |
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| id | DE-604.BV019889892 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T20:08:29Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-013213916 |
| oclc_num | 57733014 |
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| physical | 21 S. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Persson, Mats 1949- Verfasser (DE-588)130420980 aut Time consistency of fiscal and monetary policy a solution Mats Persson ; Torsten Persson ; Lars E. O. Svensson Cambridge, Mass. National Bureau of Economic Research 2005 21 S. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11088 "This paper demonstrates how time consistency of the Ramsey policy - the optimal fiscal and monetary policy under commitment - can be achieved. Each government should leave its successor with a unique maturity structure for the nominal and indexed debt, such that the marginal benefit of a surprise inflation exactly balances the marginal cost. Unlike in earlier papers on the topic, the result holds for quite a general Ramsey policy, including timevarying polices with positive inflation and positive nominal interest rates. We compare our results with those in Persson, Persson, and Svensson (1987), Calvo and Obstfeld (1990), and Alvarez, Kehoe, and Neumeyer (2004)"--National Bureau of Economic Research web site. Ökonometrisches Modell Fiscal policy Econometric models Monetary policy Econometric models Persson, Torsten 1954- Verfasser (DE-588)128862904 aut Svensson, Lars E. O. 1947- Verfasser (DE-588)128378727 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11088 (DE-604)BV002801238 11088 http://papers.nber.org/papers/w11088.pdf kostenfrei Volltext |
| spellingShingle | Persson, Mats 1949- Persson, Torsten 1954- Svensson, Lars E. O. 1947- Time consistency of fiscal and monetary policy a solution National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Fiscal policy Econometric models Monetary policy Econometric models |
| title | Time consistency of fiscal and monetary policy a solution |
| title_auth | Time consistency of fiscal and monetary policy a solution |
| title_exact_search | Time consistency of fiscal and monetary policy a solution |
| title_full | Time consistency of fiscal and monetary policy a solution Mats Persson ; Torsten Persson ; Lars E. O. Svensson |
| title_fullStr | Time consistency of fiscal and monetary policy a solution Mats Persson ; Torsten Persson ; Lars E. O. Svensson |
| title_full_unstemmed | Time consistency of fiscal and monetary policy a solution Mats Persson ; Torsten Persson ; Lars E. O. Svensson |
| title_short | Time consistency of fiscal and monetary policy |
| title_sort | time consistency of fiscal and monetary policy a solution |
| title_sub | a solution |
| topic | Ökonometrisches Modell Fiscal policy Econometric models Monetary policy Econometric models |
| topic_facet | Ökonometrisches Modell Fiscal policy Econometric models Monetary policy Econometric models |
| url | http://papers.nber.org/papers/w11088.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT perssonmats timeconsistencyoffiscalandmonetarypolicyasolution AT perssontorsten timeconsistencyoffiscalandmonetarypolicyasolution AT svenssonlarseo timeconsistencyoffiscalandmonetarypolicyasolution |